1 in 5 Mortgage Applications are for Buy to Let

1 in 5 Mortgage Applications are for Buy to Let

9:54 AM, 11th May 2012, About 12 years ago

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Buy to let mortgage applications make up one in five of all home loan applications, according to one of the UK’s largest estate agents.

Haart also claims buy to let remortgage applications reached a new high for the year, despite the Council of Mortgage Lenders disclosing the number dropped by 1% in the first three months of the year in official figures.

The property firm reckons mortgage advisors throughout the branch network process 200 applications a week – but does not reveal how many complete – although sales were up 38% in March, compared to the previous month.

Financial services managing director David Miles said: “Our latest figures show that experienced landlords are happy to continue to invest in property by expanding their portfolios to meet the high tenant demand in many areas of the country. It is also interesting that some homebuyers are using the equity in their current properties to invest in buy to let for the first time.

“Whilst lending criteria understandably remains risk averse, there are still many great opportunities for landlords to maximize their yields from all sorts of property across the country, and my feeling is that our buy to let lending will continue to grow during 2012.”

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